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CNBC
Dec 5, 2012 2:00pm EST
, $31,000. the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a lot of money on a lot things, some of which we need, some of which we don't. why would a 200-month tax raise destroy the economy but spending $200 a month on a smartphone somehow doesn't? >> because of the aggregation problem. if you just look at one person it doesn't look so bad. but when you sum it up across 300 million americans and you factor in that 70% of our gdp is consumer spending, in europe it is about 55% so we're more dependent on the consumer for our growth -- then you understand why the congressional budget office -- i don't think they've ever done this before -- is actuall
CNBC
Nov 29, 2012 12:00pm EST
. >> we're ready to protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 of all americans' income. letting the rates go up to the same level they were during the clinton administration. republicans know where we stand. we've said it. we've said it. we've said it so many times. the president said the same thing. it's been weeks, at least two weeks, since we met at the white house. we're still waiting for a serious offer from the republicans. really, now is the time for the republicans to move past this happy talk about revenues, ill-defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. i'm glad to see there are some reasonable republicans breaking from the pack. veteran representative cole and a new member, scott from south carolina, have said basically the same thing. and that is, they should bring to the floor of the house the bill that's passed over here. it would pass overwhelmingly, as scott said in the press today. our bill would pass in a matter of minutes if the house republicans simply allowed a vote. we're n
CNBC
Dec 4, 2012 4:00pm EST
approach this fiscal cliff. do you think we'll get a deal done, or are you anticipating we go over the cliff? >> we're americans. we have to get a deal done. this is really important, and it's important for health care. at some point in time, we're going to have to come to grips with the fact there's got to be revenue. you have to have some rate increases, in my opinion. charitable deductions are a non-starter for us. that's a big issue. universities, hospitals, we depend on charity and charitable donations. >> let's stop right there because i want to take one part at a time. the charitable deductions, this is one of those deductions within the tax code that's being debated. that and as well the mortgage deduction. you think that if that incentive to give money away, that incentive to help hospitals, health care, you think people will give less? >> i know that. there's no question in my mind. >> why? >> because people do not want to feel that they're giving and then that deduction is limited. i've had discussions with many of our donors. i know that's true around the city and the country. >> what kind of hit will w
CNBC
Dec 6, 2012 9:00am EST
its worst single day percentage loss in four years. is it still a buy? and then the fiscal cliff blame game, new data on who americans blame for the gridlock in washington plus is congressional leadership holding up negotiations in d.c.? former senator, co-chair of the campaign to fix the debt judd gregg is here with his take on that. the death cross is on for what was once the favorite name apple, shares rebounding back to 547. is this finally the opportunity to get in? alex gauna is an analyst with jmp securities. good to have you with us. >> good morning, thank you. >> a lot of discussion how technically some defenders say apple is exacting exactly as it should. do you see it that way? >> technically i think the dangerous thing is this stock forms a head and shoulders and i don't know where the support comes in, somewhere in the 400s. that's a key risk to the stock. i focus on the fundamentals. it's worrisome in the near term for apple. when there's a lot behind that, the relationship with samsung the frenemy relationship has gone to enemy. also the closing competitive gap between apple and rival products out there, so
CNBC
Dec 6, 2012 1:00pm EST
see in a fiscal cliff solution. we've got the exclusive results of our exclusive cnbc all-america economic survey. >>> now to everybody's all-american, sue herera standing by at the nyse. >> you're sweet, ty. thanks. >>> we're a little bit on the downside. we really kind of retraced a little bit on the dow jones industrial average. previous to this we were solidly in the green in all three of the major market indices. the dow now down 14 1/2 points. nasdaq up eight. the s&p is down just a fraction. of course we are also watching apple on the back of yesterday's drop. the stock today is traded up $4.82. that's just under a percentage move to the plus side. it's rebounding, still at bear market territory, however. it has lost over $50 billion in market cap over the past few days alone. our bob pisani joins me here on the floor of the nyse. what are you hearing from traders? the market is drifting a little bit. the focus is on apple. there seems to be a little bit of enthusiasm that it can come back to the up side. >> we were up a little while ago, now we're down. i think what happened, the senate majority leader harry reid came out with a
CNBC
Nov 30, 2012 4:00am EST
of words over the fiscal cliff intensifies as obama prepares to take his case to the american people. the eurozone was living in a, quote, fairy world. draghi tells governments they cannot rely only on ecb help and chastises them for past mistakes. and schaeuble warns a default could spell the end of the euro. >>> president obama travels to a suburb of philadelphia today to tour a local toy company. he'll speak at noon eastern time and will continue to press republicans to let tax cuts expire for people making more than $250,000 a year. reports suggest the president's opening bid and budget talks calls for a $1.6 trillion tax hike, $50 billion in new in-practice straukt spending, and unfettered power to raise the u.s. debt ceiling. that was laid out to lawmakers yesterday by tim geithner and led to sharp comments there both sides of the aisle. >> now is the time for the republicans to move past this happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> what we don't know is what the whi
CNBC
Nov 30, 2012 1:00pm EST
interrupting. you talk about the greek fiscal cliff. we have our own and people here say we could be the next greece. how does that make you feel when you hear that kind of talk from american politicians, american business people, american citizens? >> extremely worrisome because you represent 25% of the global economy whereas greece, which wasn't the cause of the european crisis, only represents 2% of the european gdp. so if you guys were to actually have such deep problems, then it would mean problems for everyone globally and no one would want that. i'm sure that you'll be able to find the right solution by the end of december. >> let us hope. mr. michalos, thank you very much. sue? >>> thank you, ty. two big winners in that $587 million record powerball lottery. but how much do you really need to earn to make you happy? the answer may surprise you. >>> and before you fill up your tank with gas, listen up. aaa is warning regulators to stop sales of a certain type of fuel at the pump because it could damage your car and void your car warrantee. details on that when "power" resumes in two minutes. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're
CNBC
Dec 7, 2012 4:00pm EST
, there's a fear out there that the fiscal cliff could derail whatever recovery we're seeing in real estate right now. north american ceo o property partners. barry is chief market strategist at residential finance corporation. he is also a mortgage industry expert and i have almost used up the whole segment doing your titles. richard, let me get to you. what is the impact on real estate from the fiscal cliff? is this a real shocker? >> i don't think anything is a real shock. we are dealing with economic uncertainty low growth for a long time. there is no one answer as to how real estate is being impacted by the fiscal cliff. >> because it is all local. >> it is all local. i would say it also depends on what sector you are talking about. >> your experience is that there are people who are holding back on what they would otherwise buy or rent or invest in right now. >> i think that is absolutely correct. office demand which is business, how much business expanding, office demand year over year is down 16%. we are at an absorption low. >> do you think that would pick up if they figure out the fiscal cliff end of the year?
CNBC
Dec 5, 2012 4:00pm EST
over the fiscal cliff? >> oh, absolutely. again, there's no prospect in an agreement that doesn't involve the rates going up on the top 2% of the wealthiest. all those americans get a tax cut under the framework under the first $250,000 of their income. in some sense, it's a tax cut for all americans. it's just for people who make more than that, we're going to ask them to pay a modestly amount more. >> that's hard to understand given how much going over the fiscal cliff would hurt the economy. why is going over the fiscal cliff worth it for just this one component? if you can get the other components, why wouldn't you take that? >> good question. thanks for asking. what we're trying to do is put in place a comprehensive balance set of fiscal reforms that put us back on the path to living within our means and create room for investing to make the economy stronger, make sure we're protecting medicare for future generations, and forcing the government to use the taxpayers' resources more wisely. in that context, you have to have a significant amount of revenues. we don't see a way of doing it that makes any sense or has any political viability without rates going u
CNBC
Dec 3, 2012 5:00pm EST
could be called the ultimate fiscal cliff trade. find out which investment americans are pouring into. much more straight ahead. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. >>> welcome back to "fast money." oracle the latest company making a tax dividend. going to pay out a total of more than $850 million on the friday before christmas. the board noting that
CNBC
Nov 29, 2012 4:00am EST
developed world, the fiscal cliff looming in the krund. but accenture says that over the next six months, still over half of americans plan to buy a luxury item. and there is no better time to do so than during the holidays for many. it's been a rough last three months, though, for a number of the high end stocks. those economic pressures certainly weighing on the high end consumer. but many do think that fortunes will reverse here in the holiday quarter. so when it comes to who is poised for the most luxurious holiday, many analysts are counting on the high end players, the high end department stores over those pure luxury brand plays. >> i think they are having a psychological effect right now and i think that will cause cautious spending in the holiday season, the last quarter. and if the resolve is made to increase the tax rates of the rich, it will definitely hit the pocketbooks. >> reporter: now, key bank analyst edgar ruma does think nordstrom is perhaps the best positioned. it's a high end department store here in the united states. and it has a good positioning in california where he says macroeconomic is improvi
CNBC
Nov 30, 2012 7:00pm EST
if we do indeed go off a fiscal cliff. so he's coming into this with basically a list of demands without making any concessions. >> he'll be blamed historically. if he has a second recession on his watch, the history will be written that he presided over two recessions. that's why i refer to him as herbert hoover. [ overlapping speakers ] >> he can't play that game. he can bluff but he can't play that game. >> it's not a bluff. this is not a bluff. >> you think he would take a second recession? >> well, a second recession? >> if all the tax cuts are repealed. all of them. we're going into recession. that's why the congressional budget office said. you think he would risk a second recession that would destroy his second term? >> i think he understands the law of the land today is that everybody gets a tax increase. he's trying to give 98% of the public a tax reduction and essentially the republican party states its position rather that larry ellisson get a tax cut. >> you want to raise the top tax rate. what i'm saying is will he actually allow all of tax -- you're saying the repu
CNBC
Nov 29, 2012 9:00am EST
real danger of going off the fiscal cliff. listen, going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester and pave the way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy and protect american jobs and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reforms it's going to be impossible to address our country's debt crisis and to get our economy going again and to create jobs. so right now, all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president, congressional democrats to tell the american people what spending cuts they're really willing to make. with that, i'll take a few questions sfwl speaker boehner, why will you not tell democrats what specific spending cuts you would like to see, especially within entitlements? >> it's been very clear over the last year and a half, i've t
CNBC
Dec 3, 2012 9:00am EST
americans don't understand what the fiscal cliff is or the impact that it could bring or do you think it's because they believe that ultimately we will get a deal by december 31st? >> well, as you say, it's a bit of a mystery why confidence is so high. it may have something to do with the housing market and house prices being up around most of the country. that probably does help confidence some. i expect as you point out that most people probably don't have on their radar how large a tax hit we could have early next year if the fiscal cliff actually materializes. so it is a mystery. it does seem like right now consumers aren't too worried about the fiscal cliff. >> at what point do you get concerned? it sounds like perhaps a risk of revisions to q-4 estimates to the downside at this point because as the negotiations grind on and we approach year end, it might reach more of the forefront of consumers' mind and they may pull back. are you concerned about that impact? >> i am. right now we only have october data in hand. and fiscal cliff fears really accelerated in november. if you want
CNBC
Nov 30, 2012 3:00pm EST
fiscal cliff. he's also, by the way, a big fan of this program. >> he watches "the closing bell." there's our video. >> but he's not in our demographic. he's not even 2 years old. we'll show you more of this coming up. he loves that. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> we want to show you where this market stands. a market up 12 points. at the close here, $3.5 billion worth of stock to buy. a big number. however, a lot of people would say that this market should be much higher given those numbers and that is indicative of the fact that many people are also trading against. in other words, there's a fair amount of sellers out there too. we have some
CNBC
Nov 29, 2012 3:00pm EST
the fiscal cliff. when that happens, we'll take you there live. meantime, the market is heading higher again. up 42 points on the dow. >> how are the wealthiest americans preparing for a possible fall off that fiscal cliff? we'll look at that next. >>> also, chevron ceo is warning a fall off that cliff would have major ramifications for his business. we'll hear from him exclusive later on "the closing bell." stay tuned. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of spee
CNBC
Dec 5, 2012 6:00am EST
. >> you really want the fiscal cliff to be settled. i mean, this would be awful for you and your firm and for a lot of americans, too. be for financial advisers to have people paralyzed again. it would be the worst case scenario. >> one of the things i said at the investor conference was that we feel like we can grow our business even if the market backdrop remains cautious, which is how it's been now for transactional activity has been lighter. >> a percentage of assets. >> that's a big part of our growth story. we call it our managed accounts platform. we have $556 billion in managed accounts at morgan stanley wealth management. that's one of our two major growth areas. the second being the lending business, which you talked about earlier. we've been working the last couple years to build our out banking and lending business. our peers are bigger in that. but as we get more and more of our financial advisers to lend with their clients, we have significant growth there. >> plus you get assets back from citi, too, right? >> we now have an agreement in place where we can buy the last 35% of this joint venture at a ti
CNBC
Dec 7, 2012 1:00pm EST
worried about the fiscal cliff and 34% say i think the number is bogus to begin with. let's see what's coming up on "street signs." >>> wow. not sure i can top that one, tyler. but thank you. have we become a nation of pessimists whether our expectations for job creation has dropped so low or are we just realists? netflix ceo getting himself into hot water with a facebook post. does the s.e.c. really have a case against him or do the laws need to change with regard to social media? >>> and could pot help us solve our fiscal problems? guys, we are calling this the fiscal splif and we will rise above it, mon. "street signs" it is australian for business news. >> thanks, brian. see you at 2:00 p.m. >>> steve case is one of america's greatest entrepreneurs, best known as co-founder of america online, along with dozens of other investments such as living social and zip car and really too many to name. these days mr. case, together with scott case, no relation can be head up start-up america partnership to fuel entrepreneurship outside of silicon valley. and case squared, if you will,
CNBC
Dec 6, 2012 12:00pm EST
desperate move and what do average americans want to see in a fiscal cliff solution. exclusive results of our cnbc all-america economic survey. back to scott and the "fast money halftime report." see you in a few. on the cliff, top lawmakers speaking on the hill this hour about that very topic, eamo eamon javers is in d.c. with the latest on the negotiations. >> well we've heard from just about everybody in town except for speaker boehner. scott it feels like we're getting some deal making behind the scenes and i'll tell you why it feels that way. we were told that yesterday speaker boehner and president obama held a phone call, it was said to be about 20, 28 minutes in length but neither side has leaked what happened on that phone call. the house republicans are not leaking, the white house just within the past hour said it's not going to tell reporters what was discussed, that's probably an encouraging sign that negotiations are taking place. last week we saw that they had a proposal and immediately house republicans leaked the white house proposal and then republicans went o
CNBC
Nov 29, 2012 1:00pm EST
cliff case? >> tyler, think it is because we are the american story. we're proof that a person with a good idea can convince retailers around the world and kids around the world to play with that idea for the last 20 years we've made over 31 billion parts. made millions of kids happy. i think because of that and because of the fact that we're making it here, the president's been talking about made in the usa since at least the state of the union and as part of his advanced manufacturing initiative which we certainly support. for all those reasons and because we believe in the entrepreneurial spirit of america and that we're the most productive and entrepreneurial country on earth. >> now remind me briefly, michael, if you will, the sort of chronology. you were making these toys in china and then chose to bring them back here for manufacturing. why? >> actually did, yes. as many companies did over the last 30 years, shifted things over to china because they thought it was cheaper. but as we looked at ourselves, the depth of the great recession in december of 2008, we said to ourselves
CNBC
Dec 3, 2012 4:00am EST
states. people here are worried about the fiscal cliff and the potential impact that it could have on american consumers as well as the factories here. eunice yun, cnbc, beijing. >> are those fears right, is the the expansion just investment-led and therefore not worth as much and that seems to be the insinuation? >> also i think china and china manufacturing has always historically been investment led anyway. much less consumer dependent than what we see maybe in europe and the u.s. but, yes, that meeting is just back into expansion territory. that's good in itself. global growth will be looking for china to be going ahead. so good but modest. so any demand elsewhere could have an impact on china. >> have we had the china slowdown? >> we've had mosts of it i think. but again, china is very much in recent line with the cycle of the global economy and we'll be looking for some of the big growth engines to help them, as well. >> what's the chinese swing factor for investors? >> sitting in europe clearly it's something we focus upon. is it a driving force, absolutely not. the tail risk i think is what scar
CNBC
Nov 30, 2012 6:00am EST
the portfolio ahead of the fiscal cliff. the smartest minds in the game will tell you how. >> making hot profit. >> another american made story you don't want to miss. the second hour of "squawk box" begins right now. ♪ >> welcome to "squawk box." i'm becky quick along with joe kernan. andrew is out on vacation today. the futures are indicated high they are morning. this is coming despite the idea of -- the two sides of the fiscal cliff not any closer on getting any sort after deal done again, we are looking at some green arrows on this friday morning. let's get to some of the headlines that are out there as we. president obama takes to the road today to pitch his already rejected deal to solve the fiscal cliff. he will be traveling to pennsylvania to push his pitch for tax increases on the wealthy. republicans say the campaign-style tactics are getting in the way of productive talks. more companies are announcing special dividends in anticipation of higher tax rates after the new year. whole foods announced a $2 a share special dividend. also declaring one-time payouts, regal entertainment ends on pharmaceuticals and
CNBC
Nov 30, 2012 12:00pm EST
common ground. solving the fiscal cliff in a manner that addresses the true drivers of our debt and saves american jobs will be a great way for the president to start his second term. for the good of our country and my colleagues, we're ready to work with the president to achieve those goals. >> on the issue of tax rates, are you willing to accept no deal that includes some increase in those top tax rates? i'm also wondering, what the final deadline is? when do you really have to have a deal or framework? >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. we're willing to put revenues on the table, but revenues that come from closing loopholes, getting rid of special interest deductions, and not raising rates. we think it's better for the economy, pure and simple. secondly, listen. the american people expect us to find common ground to work together and to resolve this. frankly, sooner is better than later. [ inaudible question ] >> -- is this the necessary public posturing that needs to go
CNBC
Dec 6, 2012 2:00pm EST
from the discovery channel hit "gold rush" is here. he'll tell you why the fiscal cliff has him doing that a lot harder than ever. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> welcome back to "street signs." i'm sharon epperson. take a look at how u.s. markets interpreted what the ecb did earlier today, cutting its european growth outlook. we saw the dollar strengthen. that has weighed on commodity prices. energy prices in particular across the board with the wti contract closing at a three-week low. we're looking at pressure across the board in the energy sector. that's good news for people driving over the holidays. we're looking at gas prices coming down. futures market and prices at the pump, only ten cents higher than a year ago. back to you
CNBC
Dec 4, 2012 2:00pm EST
fiscal cliff, with just 27 days to go and less for the official congressional session. president obama and john boehner making comments on the issue a short time ago and according to our deal meter, there it is, still only a quarter of the way there. we have got all sides of this story covered. john harwood live at the white house. eamon javers on capitol hill and the president's comments. >> the president gave an interview to our colleagues at bloomberg and said a couple of things. first of all, his priorities now trying to break republicans in their resistance to raising the top rate by some amount, a stance republicans have been consistent on. more revenue, question, not higher rates, he is insisting on that as the price of negotiating with him. and he said the reason for that is if you take all of what can be raised in revenue from deductions that is politically realistic, not trying to take away the mortgage deduction in the face of tremendous resistance from consumers and the housing industry, you can only raise about 300 to $400 billion, but i think that is a promising ind
CNBC
Dec 6, 2012 4:00pm EST
adjustable pillow at special 30% savings. >>> welcome back. what has the fiscal cliff done to america's attitude about investing? steve liesman is here with the results of our all-american economic survey. >> thanks very much. our cnbc all-american economics survey for december looking at people's attitudes toward the stock market and debt. first, let's look at equity. what we find is the stock market in the minds of americans mired in the mud. is this a good time or bad time to invest? when it comes to the average, we're right at the average for the negativity on the market. how about when it comes to good time to invest? relative to the average, a little bit less optimism than normal. we've been doing this for about five years. how about uncertainty in the market? pretty high.uncertainty pretty . optimism low. pessimism about where it normally is. we want to bear in on the financial league. just a slightly different look. we'll look at the average versus right now. when it comes to a bad time or a good time, 55% on average say it's a good time. 34%, bad time. how about the last quarter? september, a little bit less optimism. how about this last quarter? even down some more. wh
CNBC
Dec 4, 2012 9:00am EST
it's because of the euro. other people feel that everything goes down in a fiscal cliff situation. i mean, commodities are saying we're going to go over the cliff. that's what i think. >> it's interesting. there are these recent reports tallying how many american eagle gold coins americans are buying. is that the ultimate safe haven trade. if americans are buying gold coins in record numbers, the strongest sales since 1998, and it's not just seasonality here. it's interesting. >> i own some. i own silver. >> silver and gold. >> you can buy silver and gold. you can actually -- there's a big markup in coins. the government doesn't help. you can own pieces of silver and pieces of gold. >> do you have some on you right now? >> no, i don't. i have it buried in the backyard. i have it in a vault. never bury your gold in the backyard. >> i'll remember that. thank you for that advice. >> first we have to get backyard. >> el paso electric company celebrating tenth anniversary. yit celebrating its 100th anniversary. want to go straight to mary thompson with breaking news out of fdic. >> this is the fdic's third quarter breaking profile looking at how banks performed in the third quarter. profits for insured institutions rising to best levels in six years in t
CNBC
Dec 3, 2012 6:00am EST
doing it. let me give you an idea. we've got a fiscal cliff now. we have the fiscal abyss next year. we need to say, don't come home. no deal, no break. members should be in washington at least five days a week like every other american and not leave until they deal with the fiscal cliff this year or until we get a grand bargain next year. they would pull off seven times more days -- >> david faber tweeted this morning that they should be locked in a room and forced to listen to the animal orchestra until they have a deal. >> david faber's hair. >> you put them in a room. you tell them they're going to sit there until the deal is done. day three, no more food. day five, no water. day seven, the waterboarding begins. that would get it done. >> and the president should be there, too. >> the president does work five days a week. >> but not in the same room. but he is home. he's already home. >> but listen, they spend too much time raising money. if they did a good job, they wouldn't have to raise as many money. if they got paid for performance, they wouldn't have any money. >> are you going to run for linda mcmahon's seat? >> she doesn't have a seat. >> i know that. but was that the same one she was running for? >> i was in
CNBC
Dec 3, 2012 4:00pm EST
counterproposal on the fiscal cliff. the bad news is they are very far apart. the other thing, there's a dawning realization we're in a new era of austerity. american austerity is beginning in 2013 and that's beginning to dawn on a lot of people. >> gordon is with us. let me ask you the same question, what happened at the end of the day here? you had about almost a billion to buy and ended lower. tell us how the end of day finish and what you're expecting. >> end of days have been spectacular here. friday is the craziest closing identify seen down here for a long time. you've seen a lot of activity coming in for the liquidity event, posing imbalances not just being met but reversed. that's the order of trading of the day here going forward. if you look at the month i think we'll see muted action in response to what's happening in terms of the fiscal cliff. there's enough arguments to believe it will sustain at these levels but i think we'll pick up serious action in the last ten days of the month and we could see significant volume come down here. >> that's what you want to see and that's what you're expecting end of the month there. let's talk about allocat
CNBC
Dec 4, 2012 12:00pm EST
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CNBC
Dec 3, 2012 1:00pm EST
social media this afternoon to talk about the fiscal cliff. what's he going to do? >> reporter: i think he's just going to engage with the american public. remember, a key element of the strategy that he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be. certainly it hasn't been effecti effective heretofore but it is possible it could and the president believes having won the election he's on the high side. >> 2:00 on twitter. john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. tod
CNBC
Dec 5, 2012 4:00am EST
u.s. investors will be getting ahead of the fiscal cliff. but let's get another view of this. gary richards is a senior corporate tax partner. that's the point. these american companies who are evading taxes who the politicians want to come down on, they're doing nothing wrong. the problem lies in the uk tax code, isn't it? >> indeed. the uk tax code is complicated. and that in itself provides an opportunity for companies to plan. also some of what they want to do. it's very important to make this distinction between avoidance and evasion. evasion is illegal. avoidance is looking at the law and seeing what opportunities there are to minimize costs and tax is just another cost of doing business. >> so the long and the short of it is successive governments, whether they be coalition, torrey, labor governments have made a right mess. why is that this tone that is so complicated that creates all these opportunities for avoidance? >> it's because people have built anti-avoidance legislation on anti-avoidance legislation rather than actually thought about what they're trying to tax. but part of the problem with the u.s. companies from the government's perspective is that t
CNBC
Nov 28, 2012 7:00pm EST
place on january 1st. >> that's on top of whatever they decide to do on this fiscal cliff business. katie, the next biggest one, $87 billion is an increase in the payroll tax. .9%, 2.9 to 3.8%, small business busy and self-employed. how does that promote growth. they're going to be hiring less and there are going to be fewer employees. >> don't they talk about this? why don't they do the add-ones that you're doing on the obama care taxes? >> i'm actually not sure about this. i'm pretty confused about why the romney campaign didn't hit the obama care tax argument harder on the campaign trail because the supreme court ruled it a tax for good reason. it had gone through the numbers here on your show. this hit small businesses and in return hits the middle class, the very people that these small businesses employ, the people who will get hid the hardest, even though making $200,000 per year are the ones employing the middle class that president obama keep propping up to get his agenda passed. >> now we have this $20 million medical device tax. this has been around. i believe you write
CNBC
Dec 7, 2012 9:00am EST
do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. it's only 2%. >> dr. krueger, as the man who is maybe more than anyone the steward of the economy itself, are you okay with that? >> absolutely. the president made clear during the election that he wants a balanced approach, that we can't afford the tax cuts for the most fortunate among us. that the way to provide opportunity and build the middle class in this country is to get on a fiscally sustainable path and to ask wealthiest to pay a little bit more. president couldn't have been clearer about that. >> at cnbc we have a campaign called rise above. and the essence of rise above campaign is there should be more spirit of compromise. there was no compromise from treasury secretary geithner in that interview. would you wear a rise above pin and would you rise above? >> i think the secretary, the president, have drawn very few red lines here. the president has made it clear that he's not going to sign the extension of the bush tax cuts for the very wealthiest. he hasn't said my way or the h
CNBC
Dec 6, 2012 7:00pm EST
, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just
CNBC
Dec 5, 2012 9:00am EST
happening on the stock chart. the stock is down 17%, is this really a fiscal cliff issue, or are there bigger challenges, competition, your incredibly high cost structure? >> if you're looking at the competitive question, look at the results we just reported again, reported over $62 million americans listen to pandora just in november for the first time, we represented over 7% share of all radio listening in this country. clearly the american embrace of pandora personalized radio continues at an extraordinary pace, so i think we did reduce guidance. i think it's prudent because of the unique situation we have we're sensitive to the mix add in january as opposed to february and march. >> but many analysts would say user costs are prohibitively high. more than half of your revenue goes toward the licensing fees. what would you do if legislation to lower these costs is not passed? >> whether legislation is passed or not, we believe the rates we pay are unfairly high, and we will participate in an arbitration that begins in 2014 to set the rates for 2016 through 2020. we are already preparing for that and we very much look forward to making our case. >>> but is this model a model that can work, you need to look for other revenue streams if you're facing half of your revenue we're a leader in
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